The National Bank spent $1 billion within 13 days to maintain the dollar exchange rate. This was announced by National Bank Chairman Timur Suleimenov during a press conference in Astana, as reported by the Adyrna national portal citing Ulysmedia.kz.
When asked by journalists how much money the National Bank had spent, Timur Suleimenov stated that $1 billion had been used over the 13-day period.
“This didn’t significantly impact individuals. We collected data from all branches and found no excess demand. It’s primarily legal entities. Legal entities on the Kazakhstan Stock Exchange are driving this demand. As consumers, we are calm. The highest demand occurred over two days,” he said.
As of November 28, the weighted average exchange rate for currencies at Kazakhstan’s exchange offices was reported. The dollar began selling at 525 tenge. On November 18, the dollar’s exchange rate at Kazakhstan’s exchange offices was over 500 tenge, rising to over 503 tenge by November 26.
